GMEI Utility vs LEI Register
The Global LEI System is designed to encourage competition between LEI issuers and registrators for the benefit of legal entities seeking to obtain an LEI. Coming up with the price of issuing and maintaining an LEI has therefore been left to the organizations themselves. This explains why some companies charge double the price of their competitors.
GMEI Utility LEI Register
initial registration cost (1 year) 82€ initial registration cost (1 year) 59€
annual renewal cost of 82€ annual renewal cost of 59€
multiyear renewal – does not offer multiyear renewal for 3 years – 50€/per year
multiyear renewal for 5 years – 45€/per year
*The prices have been displayed without VAT, which will be added when applicable
Who issues LEI codes?
The Global LEI System (GLEIS) was developed by the G20 in 2011, in response to the 2008 global financial crisis.
Obtaining a Legal Entity Identifier (LEI) is easy – you’ll simply need to pick a preferred business partner from all the LEI issuing and registering organizations. The choice can be between various Global Legal Entity Foundation (GLEIF) accredited Local Operating Units (LOUs) or Registration Agents (RAs).
An LOU is authorized to issue LEIs to legal entities participating in financial transactions. Although LOUs themselves can register LEIs for clients, they typically choose to leave reaching customers and dealing with the possible challenges to RAs.
GLEIF created the concept of the “Registration Agent” in order to streamline the issuance of LEIs. Their role is to help legal entities like you, looking to obtain an LEI code. RAs success is determined by the efficiency of their systems and by how well they’re able to simplify the LEI registration or renewal process for their clients.
LEI pricing structure
The fees charged for the issuance and maintenance of an LEI are entirely a matter of the LOU or RA. This explains the diverse price differences you’ll come across when researching partners to register with. Obtaining an LEI number can cost you anywhere between 59€+vat to 200€+vat depending on your chosen partner’s profit formula.
What you often time don’t hear about within that system, is that the LEI prices are determined by the organization’s own charging structure and have nothing to do with the value of the LEI code itself. The code is simply a tool that enables you to easily identify legal entities, that are active in the financial market.
GMEI Utility
Legal entities from all jurisdictions involved in financial transactions can use the GMEI Utility to register for globally accepted LEIs. With data quality validation procedures in over 230 jurisdictions, the GMEI Utility provides organizations with multiple legal entity subsidiaries and affiliates worldwide with the ability to register and maintain reference data for all entities in one place.
The GMEI Utility is a GLEIF accredited LOU, that collaborates with seven other Registration Agents.
With GMEI the initial registration of your LEI will cost $91+VAT and renewal also 91+vat per LEI.
About the Global Markets Entity Identifier Utility [online].
Available at: https://www.gmeiutility.org/aboutLEI.jsp [Accessed 22nd March 2022].
LEI Register
LEI Register is an official RA, we have been helping legal entities apply for new LEI codes or transfer and renew existing LEI codes since early 2018. We have successfully pursued our goal to make the LEI registration process simple, automated, fast, and affordable. LEI Register has built a loyal customer base by offering the lowest prices on the market, whilst keeping active a 7 days a week customer support in 35 countries.
We validate your registration data in co-operation with our partner LOU RapidLEI (Ubisecure Oy).
The cost of registering an LEI with LEI Register is 59€+VAT and the same goes for yearly renewals unless you’ll sign up for multiyear renewals. This is a concept that LEI Register introduced in 2018, and has now become a standard among many service providers.
Multiyear renewals are designed to help you save time and money. LEI Register will take on the responsibility to renew your LEI before the annual expiry date, which will help to avoid unpleasant scenarios like your transactions being blocked due to a lapsed LEI.
You’ll be able to choose between a 3- and 5-year period, the first one working out to cost you 50€+VAT per year and the second option as low as 45€+VAT per year.
LEI Data Quality
In order to clarify the concept of data quality, GLEIF has defined, in close dialog with the LEI Regulatory Oversight Committee and the LEI issuing organizations, a set of measurable quality criteria using standards developed by the International Organisation for Standardization (ISO).
GLEIF releases monthly Global LEI Data Quality Reports and LEI Issuer Data Quality reports. These files can be accessed from the GLEIF Data Quality Management.
Comparing the Business Entity Data B.V. (GMEI Utility a service of BED B.V.) to our RapidLEI (Ubisecure Oy) partner, you’ll find that the key metric Average Total Data Quality Score (TDQS) has remained a strong 99.99 for both of the LEI service providers. This signifies that the quality of work these two LOUs put out is equally excellent.
Data Quality Report (2022) [online].
Available at: https://www.gleif.org/en/lei-data/gleif-data-quality-management [Accessed 22nd March 2021].
Key takeaways
- Creating the price of issuing and maintaining an LEI is not structured and has been left to each LEI issuer and registration agent themselves to construct
- The LEI price reflects your chosen partner’s profit formula and has nothing to do with the value of your LEI
- To check your service provider’s data quality, visit GLEIF Data Quality Management Reports